Executive Summary

Ciref Limited is a closed-ended property investment and development company. It invests in commercial real estate primarily in the UK and Europe, with a focus on retail and commercial assets. The Company's principal objective is to generate total returns for Shareholders through net asset value growth, primarily through capital enhancement of the Group's portfolio, and the payment of dividends. It will seek to achieve this by investing in a growing portfolio of predominantly commercial real estate assets primarily in the UK and Europe, with a focus on retail and commercial assets. The strategy of the Company comprises four distinct yet complementary elements: stable income projects, major development projects, value enhancing projects and investments in property collective investment vehilces and property investment companies.

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